HomeMy WebLinkAbout2026-02-27; Investment Review Board; Minutes; Special Session
INVESTMENT REVIEW BOARD Council Chamber
1200 Carlsbad Village Drive
Carlsbad, CA 92008
Special Meeting
Minutes
Feb. 27, 2026, 2 p.m.
CALL TO ORDER: 2 p.m.
ROLL CALL: Ganelin, Freida, Rubinstein, Veiga, Peacox
PLEDGE OF ALLEGIANCE: Board Member Viega led the Pledge of Allegiance.
APPROVAL OF MINUTES:
Minutes of the Regular Meeting held Nov. 20, 2025
Motin by Board Member Veiga, seconded by Board Member Freida, to approve the
minutes as presented. Motion carried 5/0
PRESENTATIONS: None.
PUBLIC COMMENT: None.
CONSENT CALENDAR: None.
PUBLIC HEARINGS: None.
DEPARTMENTAL REPORTS:
1. FISCAL YEAR 2026-26 SECOND QUARTER INVESTMENT REVIEW: Receive Report on City
Investments presentation for the second quarter of fiscal year 2025-26. (Staff contact: Katie
Schroeder, Treasury Department)
Recommended Action: Receive the presentation
Finance Director Korach presented a PowerPoint presentation summarizing the quarterly
investment portfolio.
Board Member Viega inquired about securities out of compliance.
Board Member Frieda inquired about callable securities.
Board Chair Peacox made note on watching duration.
2. 2026 INVESTMENT POLICY PROPOSED REVISIONS: Receive a presentation on proposed
revisions to the 2026 investment policy and provide recommendations. (Staff contact: Katie
Schroeder, Treasury Department)
Recommended Action: Receive the presentation and provide recommendations
Finance Director Korach presented a PowerPoint presentation summarizing the proposed
investment policy changes.
Board Member Rubinstein, Board Member Veiga, Board Member Freida, and Board
Member Ganelin inquired about details and implications of the change in liquidity
calculation.
Board Member Rubinstein inquired about commercial paper maturity limits.
Board Chair Peacox spoke to the prudence requirement of the position of City Treasurer
and the proposed changes intended to align policy closer to the limitation of California
State Law.
Board Member Veiga inquired about the anticipated effect on return of the portfolio.
Board Member Veiga inquired to addition and details of mutual funds.
Board Member
Motion by Board Member Veiga, seconded by Board Member Ganelin, to accept
Investment Policy changes as presented. Motion carried 5/0
3. TREASURY DEPARTMENT RESOURCES: Receive informational report on Treasury
Department Resources. (Staff contact: Katie Schroeder, Treasury Department)
Recommended Action: Receive the presentation
Finance Director Korach presented a PowerPoint presentation summarizing the Treasury
Department Resources.
Board Chair Peacox elaborated on current consideration of resources.
Board Member Rubinstein voiced stance on advisory services and mentioned future use of
AI.
Board Member Veiga expressed support for additional resources and inquired continuity
of management of the position of City Treasurer.
Board Member Frieda inquired about the extent investment advisors had been considered.
Motion by Board Member Veiga, seconded by Board Chair Peacox, to further consider
additional and necessary resources. Motion carried 5/0
Board Member Commentary and Request for Consideration of Matters
Board Chair Peacox spoke to proposed changes and thanked the Board Members for the
discussion on the topics presented.
Staff Comments: None.
Adjournment: 3:45 p.m.
Katie Schroeder
Senior Accountant